The World Bank Group announced today that it has chosen Saudi Arabia as a knowledge center in order to spread the culture of economic reforms globally.
The announcement was made in Washington with the participation of the Minister of Commerce and Chairman of the Board of Directors of the National Competitiveness Center, Dr. Majid bin Abdullah Al-Qasabi, Princess Reema bint Bandar bin Sultan, Ambassador of the Custodian of the Two Holy Mosques to the United States of America as well as the President of the World Bank Group Ajay Banga.
The Minister of Commerce said that the knowledge center to be established in the Kingdom will pave the way for more regional and global cooperation in the areas of competitiveness. The centre will benefit from the Kingdom’s experience in implementing economic reforms and their impact on enhancing its competitiveness. It will also reap benefits from the expertise of the World Bank which extends for more than 50 years.
The World Bank selected the Kingdom as a global knowledge center for economic reforms due to its seven-year pioneering experience. This experience includes implementing an integrated business model, resulting in high effectiveness and compliance rates with reform goals. The international finacial institution chose Saudi Arabia as a partner, with its experience serving as a valuable path for other countries seeking to boost their competitive capabilities.
Related Topics :
World Bank Raises Saudi Arabia’s Growth Forecast by 1.7%
Saudi economic reforms, policy cushioned impact of pandemic: IMF
Petrochemical Industry in Saudi Arabia: Cornerstone of Economic Growth
Saudi & IMF Strategic Partnership Supports Global Economic Stability
